1795 Capped Bust Right Eagle. BD-4, Taraszka-4. Rarity-5. 13 Leaves. AU-55 (PCGS). This warmly patinated example exhibits dominant honey-orange patina that lightens to medium gold as the surfaces dip into a light. Softness along the upper right obverse and lower right reverse borders notwithstanding, this is a well struck coin for a product of the early United States Mint with virtually all design elements sharply defined. Suitably lustrous for the assigned grade, this otherwise satiny example reveals decided reflective qualities in the fields when viewed with direct lighting. Wispy hairlines are noted for accuracy, although there are no sizeable handling marks and the eye appeal is strong for a lightly circulated survivor of this challenging early gold type. BD Die State b/b.<p>The large and impressive gold eagle served as the benchmark gold denomination for the fledgling nations monetary system. An impressive 33 mm in diameter, the first eagles struck at the Philadelphia Mint are as visually striking as they are large. Designed by Robert Scot, the Small Eagle reverse type was only used for three years and was replaced in 1797 by the Heraldic Eagle reverse. The numbers produced are subject to debate; the number of eagles delivered in 1795 is recorded as 5,583 pieces but this does not include the likelihood that a significant quantity of 1795-dated coins were also made in 1796. While this is the number that is generally reported, detailed studies by John Dannreuther indicate that the actual mintage for all 1795-dated eagles is probably between 5,859 and 10,915 coins.<p>Four of the five die marriages used for this issue feature a reverse that has 13 leaves on the palm frond held in the eagles talons. The BD-4 die pair, as here, is characterized by having the obverse die where the 5 in the date is free of Libertys bust, while on the reverse - later used on the BD-5 pair - the eighth palm leaf is distant from the letter U in UNITED. Dannreuther estimates that somewhere between 854 and 1,500 eagles were struck from this pair, a limited total likely due to an as-yet unidentified die failure or injury. This late die state example shows the faint cracks that have formed on both the obverse and reverse. The BD-4 variety is among the scarcer for the issue with an estimated 60 to 80 examples believed extant in all grades. With demand strong for any example from the first year of issue of this visually striking early gold denomination, we expect that advanced type collectors and early gold variety enthusiasts will compete vigorously for this impressive example. From the Castle Pines Collection.
